Part 1:List the following steps of the accounting cycle in their proper order
- Analyzing business transactions.
- Collecting and verifying source documents.
- Completing a worksheet.
- Journalizing business transactions.
- Journalizing and posting adjusting entries.
- Journalizing and posting closing entries.
- Posting journal entries to ledgers.
- Preparing financial statements.
- Preparing a post-closing trial balance.
- Preparing a trial balance.
Part 2:Displayed below is the Income Statement section of Info Software's worksheet.
Income Summary |
|
|
Sales |
|
$97,000.00 |
Sales Discount |
$1,000.00 |
|
Sales Return and Allowance |
$2,400.00 |
|
PurchasesPurchase |
$25,000.00 |
|
Discount |
|
$500.00 |
Purchase Return and Allowance |
|
$1,500.00 |
Transport In |
$3,000.00 |
|
Federal Corp. Income Tax Expense |
$5,532.00 |
|
Insurance Expense |
$300.00 |
|
Miscellaneous Expense |
$6,000.00 |
|
Rent Expense |
$12,000.00 |
|
Supplies Expense |
$450.00 |
|
Utilities Expense |
$14,000.00 |
|
|
$69,682.00 |
$99,000.00 |
Net Income |
$29,318.00 |
|
|
$99,000.00 |
$99,000.00 |